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(Screen Capture: Motor Speedway)

The Indianapolis Motor Speedway has a new owner.

Penske Entertainment Corp., owned by businessman Roger Penske, has entered into an agreement to become the 4th owner of the iconic speedway in its 110-year-old history.

The deal also includes the racing circuit, NTT IndyCar Series and Indianapolis Motor Speedway Productions.

“We recently approached Roger Penske and Penske Corporation about this opportunity and began working to put an agreement in place,” said Tony George, Chairman of Hulman & Company in a press release. “The Indianapolis Motor Speedway has been the centerpiece and the cathedral of motorsports since 1909 and the Hulman-George family has proudly served as the steward of this great institution for more than 70 years. Now, we are honored to pass the torch to Roger Penske and Penske Corporation, as they become just the fourth owner of the iconic Speedway. There is no one more capable and qualified than Roger and his organization to lead the sport of IndyCar racing and the Indianapolis Motor Speedway into the future.” 

View This Afternoon’s Press Conference in Full:

The exact terms of the deal have not been disclosed.

“My passion for racing began at the Indianapolis Motor Speedway in 1951 when I attended the Indianapolis 500 with my father,” said Roger Penske, whose race team celebrated its 50th anniversary of first competing at IMS this year. “We have so much respect and appreciation for the history and tradition of the Speedway and the sport of IndyCar racing. I want to thank Hulman & Company for the opportunity to build on this legacy and it will be an honor for Penske Corporation to help lead these great institutions forward into a new era.”

WIBC host Tony Katz spoke with sports broadcaster Kevin Lee, a 13-year veteran contributor to the worldwide broadcast of the Indianapolis 500, about the sale Monday morning. Click below to hear that interview in full.